Fibonacci Retracements Analysis 07.05.2014 (EUR/USD, USD/CHF)

07.05.2014

Analysis for May 7th, 2014

EUR USD, “Euro vs US Dollar”

Just as we expected, yesterday Euro started growing up. Possibly, price will move upwards to reach the group of upper fibo levels at 1.4005 – 1.4000 to test them from below. During correction, I opened another order, my third one.



As we can see at H1 chart, pair is trying to rebound from local level of 38.2% (1.3920). According to analysis of temporary fibo-zones, upper targets may be reached by Thursday.




USD CHF, “US Dollar vs Swiss Franc”

Yesterday, Franc reached new minimum. During correction, I opened another sell order. In the future, instrument is expected to start new descending movement towards the group of lower fibo levels at 0.8695.



As we can see at H1 chart, on Tuesday Franc reached its intermediate target at 0.8720 – 0.8715 and started new correction. If price rebounds from local level of 38.2%, market will continue moving towards its main target at 0.8695.



 
RoboForex Analytical Department

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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